Fy2020 Full Year Results Unprecedented Year Fy2020 Highlights

TILT RENEWABLES FY2020 FULL YEAR RESULTS UNPRECEDENTED YEAR FY2020 HIGHLIGHTS

Tilt Renewables FY2020 Results 2 TIMELINE OF FY2020 DELIVERING WITH ENERGY ACROSS THE YEAR

Commissioned in 150 metre turbine December 1999 diameter

Tilt Renewables FY2020 Results 3 BUILDING ON OUR PRESENCE CONSTRUCTION + STRATEGIC TRANSACTIONS HAVE DRIVEN RE-RATING OF TLT

Tilt Renewables has strengthened its presence as an Australasian With the investments in the Dundonnell and Waipipi wind farm Renewables leader, in a year of value creation. construction projects and then the strategic divestment of the Snowtown 2 Wind Farm, Tilt Renewables now has a market LAST YEAR THIS YEAR capitalisation comparable with many well-known NZX listed companies. NZ$2.35/SHR NZ$3.14/SHR Market Capitalisation Rank Code Company (NZD billion) NZ$1.10B NZ$1.48B 30 SKC SkyCity Entertainment Group Limited 1.63 Market Capitalisation as at 16 May 2019 Market Capitalisation as at 21 May 2020 31 RBD Restaurant Brands New Zealand Limited 1.57 Group Net 32 TLT Tilt Renewables Limited 1.48 Tangible Assets 33 KPG Kiwi Property Group Limited 1.47

A$M 34 ZEL Z Energy Limited 1.40

35 AIR Air New Zealand Limited 1.39

NXZ listed businesses ranked by market capitalisation as at 21 May 2020 Source: nzx.com NZX Main Board

Tilt Renewables FY2020 Results 4

Snowtown 2 divestment FY2020 BALANCED SCORECARD FULL YEAR RESULTS

12 months to 31 March 2020 FY2020 FY2019 Delta % Key context items

Safety – Total Recordable Injury • Snowtown 2 (“SWF2”) was under per 1M hrs 10.2 24.6 (58%) Frequency Rate (TRIFR) TLT ownership for 8.5 months in Safety – Lost Time Injuries incidents 1 4 (75%) FY2020 (12 months in FY2019) Production (energy sent out) GWh 1,835 2,054 (11%) 1 1• Excluding SWF2, FY2020 Revenue A$M 170.2 193.3 (12%) production was up 3% and revenue was up 5% vs FY2019 Generation costs A$M (31.0) (37.8) (18%) Corporate / development costs A$M (21.7) (20.7) 5% • SWF2 production prior to sale 2 was above expectation EBITDAF A$M 117.5 134.8 (13%) • While FY2020 EBITDAF result is Net profit after tax A$M 478.4 12.2 3,828% 2 down on prior year, the result is Basic Earnings per share AUD cps 101.75 2.59 3,828% above expectations when Underlying Earnings after tax A$M 0.97 14.2 (93%) normalised for the SWF2 sale in Underlying Earnings per share AUD cps 0.21 3.02 (93%) December 2019

Tilt Renewables FY2020 Results 5 WHAT IS THE TILT RENEWABLES DIFFERENCE? KEY DIFFERENTIATORS

Tilt Renewables FY2020 Results 6 QUALITY ASSETS STRONG PERFORMANCE

QUALITY ASSETS Operational track record

• 1,835 GWh of production (37% average capacity factor) • Good availability levels across the portfolio, including the 20 years ‘young’ Tararua Wind Farm Stage 1 • Average age of fleet to drop significantly with Dundonnell and Waipipi coming online • Operating older assets provides many insights used in commercial agreements for new assets Equipped to meet challenges The 20th birthday celebration for Tararua Stage 1 • Managing spot price volatility through automated demonstrates the longevity of the asset base and was bidding and dispatch made possible through the continued support of our landowners combined with the deep experience and track • COVID-19 response with business continuity plans implemented record of the Tilt Renewables team and dedication from Vestas as operations and maintenance partner.

Tilt Renewables FY2020 Results 7 PLATFORM FOR GROWTH ADVANCING THE PIPELINE WITH DISCIPLINE

AUSTRALIA NEW ZEALAND Optimisation of NSW Wind Options Advancing Options and Modernisation of Fleet

• Rye Park tip-height modification lodged to maintain its • New wind development sites bolstering existing position as one of NSW’s most prospective wind sites consented greenfield options • Large-scale Liverpool Range recut for latest technology • Preparation for repowering of Tararua 1&2 underway Storage and Firming Technology • Battery storage options progressing in target States • Thermal peaking opportunities to support alternate COVID-19 paths to market Challenges and Opportunities

Diverse Opportunities • Core business strategy and development pipeline options • A number of quality existing developments at various not materially impacted stages of maturity across the NEM • Potential for projects in both Australia and New Zealand to • Advancing new wind projects to grow the pipeline and be fast tracked to support economic recovery increase flexibility to respond to market needs

Tilt Renewables FY2020 Results 8 ELECTRICITY SALES TLT’S PROJECTS ARE ATTRACTIVE TO QUALITY LONG-TERM ELECTRICITY BUYERS PLUS OTHER PATHWAYS TO MARKET ARE AVAILABLE

TLT’s strong and long contract mix

End of Renewable Energy Target & most PPAs in the Australian market

Tilt Renewables FY2020 Results 9 GROWING THE BUSINESS FOCUS ON CONSTRUCTION

Tilt Renewables FY2020 Results 10 DUNDONNELL WIND FARM PROJECT UPDATE

Tilt Renewables FY2020 Results 11 WAIPIPI WIND FARM PROJECT UPDATE

* project budget in NZ dollars including finance costs Tilt Renewables FY2020 Results 12 CLEARING OUR HURDLES

FY2020 OPERATIONAL AND FINANCIAL RESULTS

Tilt Renewables FY2020 Results 13 FY2020 RESULTS HEALTH AND SAFETY

We are people powered

• Our success is founded upon maintaining a safe work environment for our employees, contractors and communities • Reduction in Lost Time Injuries to 1 injury reflects the progress made in this area, but continued focus is required

• Downward trending TRIFR* is also encouraging with a favourable 58% drop on FY2019 levels, even with increased exposure at construction projects • Tilt Renewables has proactively and quickly responded to the COVID-19 pandemic with assembly of a Crisis Management Team and activation of our Emergency Response and Business *TRIFR = Total Recordable Incident Frequency Rate Continuity plans (incidents per 1 million hours worked)

Tilt Renewables FY2020 Results 14 FY2020 RESULTS COMMUNITY AND ENVIRONMENT

Communities are important to us • As a long-term participant within regional communities we take pride in engaging constructively and positively with our host communities • TLT recognises the importance of investing in and partnering with our communities to achieve their goals, and will continue to support benefit sharing initiatives for operating and under-construction assets • The FY2020 program funded Women’s Housing (one of the Dundonnell VRET initiatives), Lend a Hand initiatives and numerous educational scholarships Women’s Housing project opening in Victoria • Employment opportunities at construction assets, with over 50,000 hours at Dundonnell completed by Victorian apprentices, trainees and engineering cadets Committed to building a “better tomorrow” • TLT aims to preserve cultural heritage and minimise our impact on the environment • We have implemented a new Environmental Compliance and Risk Management Waipipi sod turn with Ngaa Rauru representatives System to help achieve this aim

Tilt Renewables FY2020 Results 15 FY2020 RESULTS OPERATIONAL PERFORMANCE REMAINS SATISFACTORY

Existing portfolio performing well Production and revenue –12 months to 31 March 2020

• TLT’s operational assets (excluding SWF2) produced FY20 FY19 FY20 FY20 FY19 FY20 Revenue Revenue Revenue % Production Production Production % 1,204GWh, 2.9% more than the prior year (A$M) (A$M) change (GWh) (GWh) change • Average 95.8% availability across the fleet, slightly Australia 128.6 151.3 (15%) 1,170 1,395 (16%) below expectation due to outages at Tararua with high New Zealand 41.6 42.0 (1%) 665 659 1% wind delaying some repairs and maintenance Total (incl. SWF2) 170.2 193.3 (12%) 1,835 2,054 (11%)

• Market disruption included the “islanding” of South Portfolio excluding SWF2 108.8 103.7 5% 1,204 1,170 3% Australia following damage to the transmission network on 31 January with system limitations imposed for most of February Revenue optimisation

• Snowtown 1 has spot market exposure which is actively managed through automated bidding and near-term energy & LGC trading

• Australian energy forward prices have moderated, however TLT's production remains highly contracted, providing long term revenue certainty (PPAs for DDWF and WWF commence 2H FY21)

Tilt Renewables FY2020 Results 16 FY2020 RESULTS EBITDAF COMPARISON TO PRIOR YEAR

Group EBITDAF A$M • Operational assets (excluding SWF2) produced 1,204GWh, 3% more than the prior year

• Full year Salt Creek contribution resulted in higher revenue & opex vs FY2019

• Market disruption with South Australia islanding in Feb 2020 caused some generation loss

• FY2020 revenue finished above expectations when normalised for SWF2 divestment

Tilt Renewables FY2020 Results 17 FY2020 RESULTS 3-YEAR PERFORMANCE

Group Group Revenue Net Profit A$M After Tax

A$M

Group Basic and EBITDAF Underlying Earnings A$M per share

A$ cents

Tilt Renewables FY2020 Results 18 FY2020 RESULTS TREASURY– GEARING AT THE LOW POINT, POSITIONED FOR GROWTH

Debt maturity profile (excludes ongoing amortisation) • Total Group Debt decreased by A$406M across FY2020 due to: 250 AUD debt (A$M) NZD debt (A$M) • Refinancing A$483M of corporate debt (subsequently repaid 200 through sale process) 150 • Retirement A$64M of NZD debt due to mature October 2020 100 50 • A$169M drawn from Dundonnell / Waipipi construction facilities 0 FY2021 FY2022 FY2023 FY2024 FY2025 • Normal scheduled principal repayments

Key measures and ratios 31 Mar 2019 31 Mar 2020 • Reduced debt and A$229M cash results in low balance sheet gearing of 12%, which ignores the A$450M of financial assets EBITDAF A$135M A$118M (mostly maturing term deposits for growth / capital return)

Net interest expense A$30M A$39M • No debt refinancing is required before November 2023, avoiding Operational Cashflow A$112M A$96M COVID-19 repricing risk and clearing pathway for focus on growth

Gearing* (Net debt / (Net debt + equity)) 48% 12% • Interest cover metrics influenced by non-cash additions to net Net Debt / EBITDAF 4.4x 1.3X interest expense which include capitalised establishment fee write-

EBITDAF / Net Interest expense 4.5x 3.0x off and translation impacts of repaid loans. Favourable gearing and Net Debt to EBITDAF metrics demonstrate how much balance * Net debt calculated on loans and lease liabilities less cash assets only. Including A$450M sheet headroom the current portfolio has at 31 March 2020 of financial assets would result in negative net debt and negative gearing as at 31 March 2020

Tilt Renewables FY2020 Results 19 FY2020 RESULTS CAPITAL MANAGEMENT– LIQUIDITY IS STRONG HEADING INTO FY2021

• Year end cash and investments position of A$679M (of which A$531M is unrestricted cash or short maturity term deposits*) • FY2020 operating cash flow of A$96M • Snowtown 2 sale (including October 2019 debt restructure) was a major source of cash over the period releasing A$542M of capital: • Upside of A$87M from the October 2019 debt restructure

• Net divestment proceeds A$455M • TLT is holding a special (virtual) meeting on 10 June 2020 for • Further A$64M of debt repaid voluntarily shareholders to vote on the scheme of arrangement which will return • Capex dominated by construction spend on approximately A$260M of excess cash to shareholders Dundonnell and Waipipi wind farms • The Board, aware that TLT remains focused on further investment • Other financing cash outflows (excluding opportunities, has determined not to pay a final dividend Snowtown 2) reflect the low gearing position and strong balance sheet * Unrestricted cash includes $87M at call accounts and $444 short-maturity term deposits. Restricted cash includes $148M in construction funding or margin accounts

Tilt Renewables FY2020 Results 20 A TRANSITIONAL YEAR WITH 469MW MOVING FROM CONSTRUCTION TO OPERATIONS OUTLOOK FOR FY2021

Earnings driver FY2021 Production ▲ Dundonnell production ramp-up from April with full production possible towards end of CY2020

▲ Waipipi commissioning back ended in FY2021, with earnings a minor driver of Group EBITDAF

Energy pricing ▼ Snowtown 1 production sold merchant with hedging weighted to 1H FY2021. Spot price expectations have softened, however March 2021 quarter forward prices remain buoyant

◆ Dundonnell PPA coverage is weighted to 2H FY2021, resulting in near term revenue volatility as production during commissioning is sold into the spot market

LGC pricing ▼ FY2021 LGCs predominantly contracted under PPA or through forward sales at low to mid A$20’s

FY2021 EBITDAF guidance expected to be in the range of A$80 to A$95 million A wide EBITDAF guidance range for FY2021 reflects the timing uncertainty associated with commissioning Dundonnell and Waipipi and the price risk of pre-PPA merchant exposure (Dundonnell only)

Tilt Renewables FY2020 Results 21 QUESTIONS & ANSWERS

Tilt Renewables FY2020 Results 22 FY2020 RESULTS FINANCIAL STATEMENTS

All figures in A$ thousands Summary Balance Sheet 31-Mar-20 31-Mar-19  Cash 228,799 94,940 133,859 Summarised Income Statement FY2020 FY2019  Financial assets 449,989 225,468 224,521 Electricity revenue 168,751 192,871 (123%) Receivables & prepayments 28,034 31,484 (3,450) Other operating revenue 1,483 402 269% Property, Plant & Equipment (PP&E) 1,014,016 1,066,727 (52,711) Operating revenue 170,234 193,273 (12%) Financial instruments 8,966 113,609 (104,643) Generation costs (30,979) (37,811) (18%) Intangible assets 546 546 - Employee benefits (10,572) (8,298) 27% Total assets 1,730,350 1,532,774 197,576 Other operating expenses (11,157) (12,373) (10%) Bank loans (260,906) (666,793) 405,887 Operating expenses (52,708) (58,482) (10%) Payable and accruals (60,070) (19,209) (40,861) EBITDAF 117,526 134,791 (13%) Finance lease (125,511) (22,913) (102,598) Depreciation (72,539) (83,568) (13%) Financial instruments (72,526) (62,604) (9,922) Fair value change (8,514) (1,980) 330% Deferred tax liability (28,055) (105,279) 77,224 EBIT 36,473 49,243 (26%) Total liabilities (547,068) (876,798) 329,730 Net finance costs (39,361) (30,131) 31% Net assets / Total equity 1,183,282 655,976 527,306 Net surplus from sale of subsidiaries 485,975 - n/m Tax (4,654) (6,933) (33%) Summary Cash Flow Statement FY2020 FY2019  Net profit after tax 478,433 12,179 3,828% Net Operating cashflows 96,374 112,364 (15,990) Basic Earnings per share (AUD cents) 101.75 2.59 3,828% Net Investing cashflows 138,380 (89,580) 227,960 Underlying Earnings after tax 972 14,159 (93%) Net Financing cashflows (101,407) 26,358 (127,765) Underlying Earnings per share (AUD cents) 0.21 3.02 (93%) Net increase / (decrease) in Cash 133,347 49,142 84,205

Tilt Renewables FY2020 Results 23 APPENDIX TILT RENEWABLES ASSET PORTFOLIO

Installed FY2020 FY2020 FY2020 Offtake Offtake Asset Phase Location Commissioned MW GWh Capacity Factor Availability (Energy) (LGCs)

Snowtown 1 Operational 101 SA 2008 329 37% 97.0% Merchant + near-term hedges Merchant + forward sales

Salt Creek Operational 54 VIC 2018 181 38% 98.6% Meridian (to 2030) Merchant + forward sales

Blayney Operational 10 NSW 2000 20 23% 96.6% Origin (to October 2020) Origin (to October 2020)

Crookwell Operational 5 NSW 1998 9 21% 97.7% Origin (to 2023) Merchant + forward sales

First generation 37% Victorian Govt (to 2035) 37% Victorian Govt (to 2030) March 2020 50% Snowy Hydro (to 2035) 50% Snowy Hydro (to 2030) Dundonnell Construction 336 VIC 0.8 n/a n/a Full COD* 6% ALDI Foods (to 2030) 6% ALDI Foods (to 2030) Dec Qtr 2020 7% Merchant 7% Merchant + Forward Sales Stage 1: 1999 Tararua I & II Operational 68 NZ-NI 235 39% 89.3% Trustpower (to end of life) n/a Stage 2: 2004

Tararua III Operational 93 NZ-NI 2007 324 40% 95.1% Trustpower (to end of life) n/a

Mahinerangi Operational 36 NZ-SI 2011 106 33% 97.7% Trustpower (to end of life) n/a COD* Mar Qtr Waipipi Construction 133 NZ-NI n/a n/a n/a Genesis (to ~2041) n/a 2021

* Commercial Operations Date = the date when all wind turbines are expected to be fully handed over to Tilt Renewables

Tilt Renewables FY2020 Results 24 DEVELOPMENT PIPELINE DEPTH AND DIVERSITY • 366 MW OPERATIONAL, 469 MW UNDER CONSTRUCTION • 836 MW POST COMPLETION DDWF/WWF • PIPELINE >3,000 MW

QLD Development Omamari WF Potential capacity: Chewko SF 70MW (wind) Potential capacity: 60MW (solar) QLD Wind (multiple sites) Potential capacity: 250MW (wind) Dysart SF Waipipi WF Potential capacity: Under Construction 2019: 3+ 100MW (solar) 133MW (wind) Tararua WF (Stage I & II) 3 Commissioned 1998, 2004 NSW Development Capacity: 68MW (wind) Tararua WF (Stage III) Rye Park WF Snowtown WF Blayney WF Taraura repowering Commissioned 2007 Commissioned 2008 Potential capacity: Potential capacity: 2 Commissioned 2000 Capacity: 93MW (wind) Waddi WF + SF Capacity: 101MW (wind) 400MW (wind) 140MW (wind) vs 68 MW existing Potential capacity: Capacity: 10MW (wind) Liverpool Range WF 105MW (wind) 2 Potential capacity: 40MW (solar) Crookwell WF 1,000MW (wind) Commissioned 1998 3 Capacity: 5MW SA Development (wind) 3+ VIC Development Mahinerangi 2 WF Snowtown SF Potential capacity: Potential capacity: VIC firming option 160MW (wind) 45MW (solar) Potential capacity: ~100 MW(gas) Mahinerangi WF Snowtown BESS Commissioned 2011 Salt Creek WF VIC BESS (multiple sites) Potential capacity: Commissioned 2018 Capacity: 36MW (wind) Potential capacity: Kaiwera Downs WF 20MW/40MWh (battery) Capacity: 54MW (wind) 150MW/300MWh+ (battery) Potential capacity: Palmer WF Dundonnell WF VIC Wind 40MW (wind, stage 1) Potential capacity: Operating assets Under construction 2018 Potential capacity: 200MW (wind, stage 2) 300MW (wind) Capacity: 336MW (wind) Development projects 100MW (wind) Assets under construction

Tilt Renewables FY2020 Results 25 FY2020 RESULTS NOTES ON FINANCIAL INFORMATION

Notes on currency conventions

1. All financial information in this publication is presented in Australian dollars unless otherwise specified.

Notes on non-GAAP Measures

2. EBITDAF is a non GAAP financial measure but is commonly used within the energy and infrastructure sectors as a measure of performance as it shows the level of earnings before the impact of gearing levels and non-cash charges such as depreciation and amortisation. Market analysts use this measure as an input into company valuation and valuation metrics used to assess relative value and performance of companies across the sector.

3. Underlying Earnings is a non-GAAP financial measure that Tilt Renewables chooses to disclose as it excludes movements in the fair value of financial instruments which can be volatile year to year depending on movement in long term interest rate and or electricity future prices. Also excluded in this measure are items considered to be one off and not related to core business such as changes to the company tax rate or gain/impairment of generation assets.

4. Net Debt is a measure of indebtedness to external funding providers through secured loans and finance lease arrangements, net of cash at bank deposits. It does not include other financial assets such as term deposits that have not reached maturity or restricted margin accounts.

5. Balance sheet gearing is defined as Net Debt over the sum of Net Debt plus Equity

Tilt Renewables FY2020 Results 26 FY2020 RESULTS DISCLAIMER

Disclaimer This presentation is issued by Tilt Renewables Limited. While all reasonable care has been taken in the preparation of this presentation, Tilt Renewables Limited and its related entities, directors, officers and employees (collectively “Tilt Renewables”) do not accept, and expressly disclaim, any liability whatsoever (including for negligence) for any loss howsoever arising from any use of this presentation or its contents. This presentation is not intended to constitute legal, tax, investment or accounting advice or opinion. No representation or warranty, expressed or implied, is made as to the accuracy, completeness or thoroughness of the content of the information. All information included in this presentation is provided as at the date of this presentation. Except as required by law or NZX or ASX listing rules, Tilt Renewables is not obliged to update this presentation after its release, even if things change materially. The reader should consult with its own legal, tax, investment or accounting advisers as to the accuracy and application of the information contained herein and should conduct its own due diligence and other enquiries in relation to such information. The information in this presentation has not been independently verified by Tilt Renewables. Tilt Renewables disclaim any responsibility for any errors or omissions in the information contained in this presentation, including market statistics, financial projections and forecasts. No representation or warranty is made by or on behalf of the Tilt Renewables that any projection, forecast, calculation, forward-looking statement, assumption or estimate contained in this presentation should or will be achieved. Any forward-looking statements or projections are based upon current expectations and involve risks and uncertainties. Actual results may differ materially to those stated in any forward-looking statement or projections based on a number of important factors and risks that are not all within the control of Tilt Renewables and cannot be predicted by Tilt Renewables. This presentation may contain a number of non- GAAP financial measures. Because they are not defined by GAAP or IFRS, they should not be considered in isolation from, or construed as an alternative to, other financial measures determined in accordance with GAAP. Although Tilt Renewables believes they provide useful information in measuring the financial performance of Tilt Renewables Limited, readers are cautioned not to place undue reliance on any non-GAAP financial measures. Tilt Renewables does not guarantee the performance of Tilt Renewables Limited, the repayment of capital or a particular rate of return on Tilt Renewables Limited securities. Tilt Renewables is not a financial adviser and is not licensed to provide investment advice. This presentation is for general information only and does not constitute investment advice or an offer, inducement, invitation or recommendation in respect of Tilt Renewables Limited securities. The reader should note that, in providing this presentation, Tilt Renewables has not considered the objectives, financial position or needs of the reader. The reader should obtain and rely on its own professional advice from its legal, tax, investment, accounting and other professional advisers in respect of the reader’s objectives, financial position or needs. The contents of this presentation may not be reproduced or republished in any manner without the prior written consent of Tilt Renewables.

IMPORTANT NOTICE Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy Tilt Renewables Limited securities in the United States or any other jurisdiction. Securities may not be offered or sold in the United States or to, or for the account or benefit of, US persons (as such term is defined in Regulation S under the US Securities Act of 1933) unless they are registered under the Securities Act or exempt from registration.

Tilt Renewables FY2020 Results 27